Infrastructure giant Ferrovial is to divest its Environmental Services business in Spain and Portugal to PreZero, a subsidiary of Schwarz Group.
Photo: Ferrovial
Photo: Ferrovial
PreZero is set to purchase Ferrovial's environmental services, waste collection and treatment and is the result of the Spanish company's strategy to refocus on developing, building and managing sustainable infrastructure.
Ferrovial is a Spanish multinational company involved in the design, construction, financing, operation and maintenance of transport infrastructure and urban services.
In July, the company reached an agreement to sell its Environmental Services business in Spain and Portugal to PreZero, an enterprise of Schwarz Group, as part of the process of divesting Ferrovial Services.
Read more: Metso Outotec to divest waste recycling business
The transaction, which involves the sale of the environmental services, waste collection, waste treatment, and recycling business in Spain and Portugal, represents an enterprise value of €1,133 million.
Final completion of the deal is subject to customary closing conditions and obtaining clearance from the European authorities and is expected in the second half of 2021.
Ferrovial's Environmental Services delivers essential treatment and recycling services for public- and private-sector clients through 140 plants under management, where it processes 5,6 million tonnes of waste every year.
The company also engages in street cleaning, source-sorted waste collection and green area maintenance in more than 600 municipalities throughout Spain, serving over 15 million people.
PreZero is an international environmental service provider with 13,000 employees at over 280 locations in Europe and North America. Providing waste disposal, sorting, processing and recycling services, the company says it unites all the expertise along the value chain under one roof.
Read more: What to know about the EU's single-use plastics ban
"This deal is consistent with Ferrovial’s strategic roadmap, which is focused on developing sustainable infrastructure," said Ignacio Madridejos, CEO of Ferrovial.
"We are also very pleased to leave our Environmental Services business in Spain and Portugal in the hands of PreZero, an international enterprise in waste and recycling management with the highest ESG standards."
Thomas Kyriakis, CEO of PreZero, said: "The planned acquisition is the next step in PreZero’s expansion, with which we intend to further grow our activities in southern Europe.
"Ferrovial is well established in the field of environmental management and ideally complements PreZero’s portfolio. In the process, we anticipate valuable synergies and an additional starting point for the further development of the circular economy in Europe."
Back to Homepage
Back to Energy & Utilities